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Creating an Ecosystem for Startups

Turkmen IT park is taking part as a mentoring company in is a pilot project of the "Startup Ecosystem" program, which is implemented by the National Public Association "Union of Economists of Turkmenistan" with the support of two projects of the United States Agency for International Development (USAID) - "Promoting Youth Development for a Successful Future" implemented in Turkmenistan by JA Worldwide, and the Entrepreneurship and Business Environment Development Project carried out by by the Palladium Group.

This program is aimed at creating and developing a market for services in the field of business acceleration in the country. This, in turn, will lead to improved conditions for the development of youth innovative entrepreneurship and the creation of new jobs. As part of a pilot project, six mentoring companies will select 90-100 young people seeking to become entrepreneurs and having original innovative business ideas.

At the next stage, mentoring companies will act as business academies, in which program participants will undergo a series of trainings and webinars on business fundamentals, business idea and team formation, product development and other topics. Mentoring companies will then select participants for an acceleration phase that combines workshops, consultation and mentoring from leading national and international experts. The final of the project will be a competition for the best startup project, in which two or three start-up projects from each mentoring company will participate.

Stages of the project "Creating an ecosystem for startups":

  • Attraction and selection of participants
  • Stage of training ("Academy")
  • Stage of acceleration
  • Semi-final of the competition for the best startup project ("selection day")
  • Final of the competition for the best startup project ("Demo Day")

As a result of the pilot project, six mentoring companies will gain experience and methodological skills in selecting, organizing and working with young entrepreneurs who create new companies. 100 young people between the ages of 18 and 30 will gain entrepreneurial and interpersonal skills. 10 start-up projects will be developed and will begin implementation, within the framework of which 30 jobs for young people in small business will be created. The strategic result will be the creation of infrastructure and programs of the Union of Economists of Turkmenistan to support business incubators and business accelerators for startups.